Comprehensive Annual Financial Report - City of Santa Monica

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CITY OF SANTA MONICA, CALIFORNIA Notes to Basic Financial Statements, Continued For the fiscal year ended June 30, 2008 (4) PRIOR PERIOD ADJUSTMENTS During the year ended June 30, 2008, the City discovered (a) a capital asset that had been sold in a previous period and (b) discovered a receivable that should have been recorded as an expenditure in a previous period. The following schedules summarize the effects of the prior period adjustments to the government-wide financial statements and fund financial statements: Government-wide financial statements: Governmental Activities Net assets at beginning of year as previously reported $ 1,022,448,717 (a) (b) Adjustment to record capital asset disposal in a previous fiscal year (4,400,000) Adjustment to eliminate receivable from other governments and record expenditures made in a previous fiscal year (4,039,753) Net assets at beginning of year as restated $ 1,014,008,964 Fund financial statements: Governmental funds: Earthquake Recovery Redevelopment Project Fund Fund balance at beginning of year as previously reported $ 72,249,332 (b) Adjustment to eliminate receivable from other governments and record expenditures made in a previous fiscal year (4,039,753) Fund balance at beginning of year as restated $ 68,209,579 47
CITY OF SANTA MONICA, CALIFORNIA Notes to Basic Financial Statements, Continued For the fiscal year ended June 30, 2008 (5) CASH AND INVESTMENTS Cash and investments as of June 30, 2008 are classified in the accompanying financial statements as follows: Statement of net assets: Cash and investments $ 586,060,153 Restricted cash and investments 20,941,196 Restricted cash with fiscal agent 30,591,454 Fiduciary funds: Restricted cash and investments 3,761,030 Total cash and investments $ 641,353,833 Cash and investments as of June 30, 2008 consist of the following: Cash on hand $ 56,182 Deposits with financial institutions (3,584,337) Investments 644,881,988 Total cash and investments $ 641,353,833 Investments Authorized by the California Government Code and the City’s Investment Policy The table below identifies the investment types that are authorized for the City by the California Government Code and the City’s investment policy. The table also identifies certain provisions of the California Government Code (or the City’s investment policy, if more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy. Authorized *Maximum *Maximum Investment types by investment *Maximum percentage Investment authorized by state law policy maturity of portfolio in one issuer Local agency bonds Yes 5 years None None U.S. Treasury obligations Yes 5 years None None U.S. agency securities Yes 5 years None 50% State of California obligations Yes 5 years None None CA Local Agency obligations Yes 5 Years None None Banker's acceptances Yes 180 days 10% 10% Commercial paper Yes 270 days 15% 10% Negotiable certificates of deposit Yes 5 years 30% 10% Repurchase agreements Yes 1 year None None Reverse repurchase agreements Yes 92 days 20% of base value None 48
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Comprehensive Annual Financial Report - City of Santa Monica

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